Existing reservation holders and would-be customers of the electric pickup and SUV are not spared as the quad-motor versions jump by $10,000 or more.
Rivian’s R1T pickup arrived to glowing reviews last autumn, but reservation holders (each of whom put down a $1000 deposit) just received bad news: The business is increasing the price of the quad-motor type (which was the only one available at first) by $6000. Buyers who want that version can no longer get it with the Standard battery pack and must instead pay an additional $6000 for the Large battery pack. Some extra equipment looks to have increased in price as well. The R1S electric SUV, which has yet to go on sale, is in the same boat.
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- Rivian has announced large price increases for its R1S and R1T EVs that affect even current reservation holders.
- A letter from Rivian posted by one customer on the Rivian owners’ forum blames the price hike on supply-chain woes.
- Pricing for optional equipment and for battery-pack and power level choices are all in play for those who still want to order one of the EVs.
Buyers who cannot bear a significant price increase have another choice: accept a less powerful truck and wait longer. Rivian’s configurator still lists the R1T at $67,500 and the R1S at $72,500 as “estimated” car starting prices. However, this is for a lower-spec vehicle: new dual-motor (rather than quad-motor) models. The dual-motor, all-wheel-drive powertrain produces “over 600” horsepower and “over 600” pound-feet of torque, compared to 835 horsepower and 908 pound-feet of torque for the quad-motor version. The dual-motor variants will not be available until 2024.
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While Rivian said the price hikes were “the result of inflationary pressure on the pricing of supplier components and raw materials around the world” in an email to reservation holders (and posted on the Rivian Owners Forum), it’s possible they were planned from the start. Former Rivian vice president of sales and marketing Laura Schwab alleged in her wrongful dismissal complaint that Rivian’s prices were unsustainable. Her bosses assured her that she would be promoted after the company’s initial public offering. The initial public offering took place in November.
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